盛新锂能：取得木绒锂矿采矿许可证，资源保障能力迎来突破

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has obtained a mining license for the Muzhong Lithium Mine, which significantly enhances its resource security. The production scale is set at 3 million tons per year with a validity of 24 years [3] - The Muzhong Lithium Mine has excellent resource endowment, with a total identified ore resource of 61.095 million tons and lithium oxide of 989,600 tons (equivalent to 2.44 million tons LCE). It is the largest hard rock lithium mine discovered in Asia to date, with an average grade of 1.62%, making it one of the highest-grade lithium mines in Sichuan [3] - The company expects to achieve a mining self-sufficiency rate of 40-50% by 2024, with further increases anticipated as the Muzhong Mine comes online. The lithium salt cost is expected to decrease significantly [3] - Due to the decline in lithium prices, the company's net profit forecasts for 2024-2026 have been adjusted to 0.03 billion, 0.8 billion, and 4.6 billion respectively, with year-on-year changes of -99.5%, +2167%, and +482%. The company maintains a "Buy" rating due to its superior lithium resource endowment and the successful production of its overseas factory in Indonesia [3] Financial Forecasts and Valuation - Total revenue for 2022 was 12,039 million, with a forecasted decline to 4,568 million in 2024, followed by a slight recovery to 6,938 million in 2026 [2] - The net profit attributable to the parent company was 5,552.46 million in 2022, expected to drop to 3.46 million in 2024, and then rise to 456.16 million in 2026 [2] - The latest diluted EPS is projected to be 0.00 in 2024, with a significant increase to 0.50 in 2026 [2] - The P/E ratio is expected to be extremely high at 3,915.28 in 2024, decreasing to 29.69 by 2026 [2] Market Data - The closing price of the stock is 14.70, with a one-year low of 10.50 and a high of 24.56 [6] - The market capitalization is approximately 13.54 billion [6] Basic Data - The book value per share is 13.55, with a debt-to-asset ratio of 41.69% [7] - The total share capital is 921.27 million, with 866.65 million circulating A shares [7]